Economics CRCT Review

1
Economics CRCT Review
2
(No Transcript)
3
(No Transcript)
4
PRODUCTIVE RESOURCES Determine whether each of
the following is a human, capital or natural
resource.

• PRODUCTIVE RESOURCES and GDP FACTORS THAT
  IMPACT ECONOMIC GROWTH
• Why do economists measure GDP?
• Its a measure of economic output. The high the
  GDP, the better.
• What happens to the GDP of a country when they
  invest in their human Capital? Give an example of
  investing in human capital.
• When a country invests in its human capital the
  GDP goes up
• Training and education
•  How does the literacy rate affect the standard
  of living of a country and the economic growth?
• Countries that have high literacy rate are
  countries that have invested in their human
  capital. These workers are more skilled and can
  produce goods and services that are more complex
  and expensive
• Example of high literacy rate engineers,
  doctors
• Example of low literacy rate farmers, herders

5

• What happens to the GDP of a country when people
  invest in their capital goods? Give an example of
  investing in capital resources.
• When a country invests in its capital goods the
  GDP goes up
• Building new factories and infrastructure using
  more advanced technology better tools and
  machines
• How would the unequal distribution of natural
  resources on a continent affect the economic
  development of individual countries?
• Some countries will have a lot of natural
  resources and others will have none. Countries
  that have LOTS of natural resources and a STABLE
  government tend to have better economies, be more
  developed, and have a higher GDP
• How does an entrepreneurship help the economy?
• Entrepreneurs create new goods and services which
  creates new jobs. Countries that encourage
  entrepreneurship tend to have a better economy
  and higher GDPs

6
(No Transcript)
7
(No Transcript)
8
(No Transcript)
9
(No Transcript)
10
(No Transcript)
11
(No Transcript)